西南交通大学硕士研究生学位论文
第1丨丨页
目录
第1章绪论1
1.1 选题的背景及意义
1
1.2 文献综述2
1.2.1 资产并购类型
2
1.2.2 资产并购国内外研究现状
4
1.2.3资产并购发展趋势
7
1.3本文研究的主要目标和内容
12
1.4本文研究的方法与技术路线
13
第2章C公司并购SZZ投资项目的价值分析
14
2.1 C公司概况14
2.2 C公司并购动因研究
15
2.3 SZZ投资项目基本情况
16
2.3.1 SZZ基本情况
16
2.3.2 SZZ基本财务指标
17
2.4 SZZ投资项目的价值评估
18
2.4.1价值评估的基本理论
18
2.4.2价值评估的方法
19
2.4.3不同评估方法的案例比较
23
2.5本章小结26
第3章C公司并购SZZ投资项目影响因素
28
3.1.C公司并购SZZ投资项目的影响因素
28
3.1.1法律环境对并购的影响
28
3.1.2纳税筹划对并购的影响
28
3.1.3战略协同与管理机制对并购的影响
31
3.1.4企业文化融合对并购的影响
32
3.1.5品牌经营对并购的影响
32
3.2本章小结33
第4章C公司并购SZZ投资并购实施方案及保障措施
34
4.1 C公司并购SZZ投资项目并购方案的制定
34
西南交通大学硕士研究生学位论文
第II页
Abstract
Asset merger and acquisition on the global economy development more and more big,
the influence of governments and enterprises of asset m&a is becoming more and more
attention. But asset merger and acquisition is a double-edged sword: the success of mergers
and acquisitions often can make the enterprise to realize the rapid growth of the leap, and
asset m&a failure not only can’t realize the high speed development of their own, most of the
time also can make enterprise in trouble. How to realize successful m&a, first of all, the key
is to do a good job in the value of the target enterprise evaluation, secondly to consider other
related factors of asset merger and acquisition, and then according to these factors, can work
out concrete measures, to ensure success of mergers and acquisitions.
This paper through the focus on the enterprise asset merger and acquisition as well as
the relevant theories of enterprise value evaluation, and then to C company mergers and
acquisitions SZZ investment projects,for example, is the company mergers and acquisitions
motivation respectively from the market demand, management requirements, technical
requirements and resource requirements and so on four aspects are expounded, and then use
assets value method, discounted cash flow method and market comparison method three
kinds of evaluation methods, such as the value assessment of investment projects of SZZ,
combined with the acquisition strategy of C company analysis, summarizes the advantages
and disadvantages of various methods and their applicable scope, choose a suitable SZZ
company characteristics of enterprise value evaluation methods. Finally,in order to ensure
the C company mergers and acquisitions SZZ successful implementation of investment
projects, respectively from the legal environment, tax planning, strategic synergy mechanism,
setting up enterprise culture, target fusion multiple aspects such as the influence factors are
analyzed, and combined with the specific circumstances, specific protection measures are
put forward.
Based on relevant theoretical knowledge of asset m&a and valuation, combining with
the m&a motivation of m&a enterprises, using the method of value evaluation, value
assessment of target enterprise carried out research and analysis, aiming at the influence
factors of mergers and acquisitions, merger smooth implementation of the safeguard
measures are put forward. Hope this pair of C company mergers and acquisitions SZZ
investment project, smooth implementation for similar enterprise mergers and acquisitions
provide certain reference and reference.
Key words: Asset merger and acquisition; Value assessment; Influencing factors; research
资产并购对全球经济发展的影响愈来愈大,各国政府及企业对资产并购也越来越
重视。但资产并购是一把双刃剑:成功的并购往往能够使企业实现跳跃性的快速增长,
而资产并购失败不但不能实现自身的高速发展,很多时候也会使企业陷入困境。如何
才能实现成功并购,首先关键是要做好目标企业的价值评估,其次要综合考虑其他相
关因素对资产并购的因素,然后针对这些影响因素,制定出切实可以的应对措施,才
能确保成功并购。
本文首先通过重点介绍了有关企业资产并购以及企业价值评估的相关理论,接着
以C公司并购SZZ投资项目为例,就公司并购动因分别从市场需求、管理需求、技术
需求及资源需求等四个方面进行了阐述,然后运用资产价值评估法、现金流量贴现法
和市场比较法等三种价值评估方法对SZZ投资项目进行价值评估,并结合C公司的并
购策略展开分析,总结了各种方法的优缺点及其适用范围,选择出了适合SZZ公司自
身特点的企业价值评估方法。最后,为保障C公司并购SZZ投资项目成功实施,分别
从法律环境、纳税筹划、战略协同机制建立、目标企业文化融合等多个方面影响因素
进行了分析,并结合实际情况,提出了具体的保障措施。
本文依据资产并购和价值评估的相关理论知识,结合并购企业的并购动因,运用
价值评估的方法,对目标企业展幵价值评估和分析研究,针对企业并购的影响因素,
提出了企业并购顺利实施的保障措施。希望这一对c公司并购SZZ投资项目研究,能
为类似企业旳并购顺利实施提供一定的参考和借鉴作用。
关键词:资产并购;价值评估;影响因素;研究
西南交通大学硕士研究生学位论文
第IV页
4.1.1公司要有明确的发展投资规划
34
4.1.2要充分、真实的获取相关信息欧亿·体育（中国）有限公司
35
4.2 C公司并购SZZ投资风险规避措施
35
4.2.1并购项目法律审查
35
4.2.2并购过程纳税筹划
36
4.2.3必须建立战略协同与管理机制
38
4.2.4加强企业文化融合
39
4.3本章小结40
41
酬42
43